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Mini Unit 3 Quiz Review Corrected.

Authored by CODY MORRIS

Social Studies

11th Grade

Used 3+ times

Mini Unit 3 Quiz Review Corrected.
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20 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

This is the fundamental law of economics that asserts once the price of a good increases, so too does its production.

Marginal Utility Principle
Law of Supply
Price Elasticity Theory
Law of Demand

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

This is the fundamental law of economics that asserts once the price of a good increases, its consumption decreases.

Law of Supply
Market Equilibrium
Law of Demand
Price Elasticity

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In an economy, this is the amount of a good or service purchased or desired for purchase by consumers.

demand
cost
price
supply

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In an economy, this is the amount of a good or service provided by producers.

price
demand
supply
cost

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

This book articulated and codified the foundational beliefs of modern free-market economics.

The Wealth of Nations by Adam Smith
Capitalism, Socialism and Democracy by Joseph Schumpeter
The General Theory of Employment, Interest, and Money by John Maynard Keynes
Das Kapital by Karl Marx

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

This is the concept that profit-driven individuals will provide for society’s needs.

Supply and Demand
Consumer Sovereignty
The Invisible Hand
The Market Force

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

This is the practice of eliminating tariffs in order to maximize regional and interregional commercial trade.

Protectionism
Free trade
Import quotas
Tariff barriers

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